Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1887-12-14

| uoV6. Qlm ITOm uUQuS T66pObSlUl ltys
| In consideration of the question of pur-
chasing bnnds, as means of restoring to
circulation the surplus money accumula-
ting in the Treasury, it should be borne in
mind that the premiums must of course be
paid upon such purchase that there may be
large part of these bonds held as invest.
ments, which cannot be purchased at any
price, and that combinations among holders
who are willing to sell may unreasonably
enhapce the cost of such bonds to the gov
| ernment. Il has been suggested that the
present bonded debt might be refunded at
less rate of interest, and the difference
between the old and new securities in cash,
thus finding use for the surplus in the
Treasury.
The success of this plan. it is apparent,
must depend upon the volition of the hold
ers of the present bonds, and it is not en-
tirely certain that the inducement which
NAV be offered would result in more fnan-
cial benefit to the government than the
purchase of bonds, while the latter propo-
sition would
REDUCE THE PRINCIPAL OF THE DEBT
/ by actual payment instead of extending it..
The proposition to deposit the money held
by the government in bends throughout
the country for use by the people is, it
seems to me, exceedingly Objectionable in
principle, as establishing too close rela-
tiopship between the operations of the
Government Treasury and the business of
the country, and the too extensive collec-
ton of their money, thus fostering an un-
natural reliance in private business of pub
lie funds. If this scheme should be adopt
ed it should only be done as temporary
expedient to meet an Urgent necessity
Legislative and executive effort should
generally be in the opposite direction, and
should have a tendency to divorce as much
and as fast as can safely be done the
Treasury Department from private enter
prise. Of course it is not expected that
unn+ssary and extravagant appropriations
will be made for the purpose Of avoiding
the accumulation of an excess of revenue.
Such expenditure, besides the demoraliza.
ton of all just conceptions of public duty
which it entais stimulates habit of reck-
| less improvidence not in the least conss-
tent with the mission of our people or the
high and benf ficent purposes of our gov
ernment. / have deemed it my duty to
thus bring to the knowledge of my country
men, as we'll as to the attention of their
represe natives charged with the responsi-
bility of legislative re,ief, the gravity of our
financial condition. The failure of the
Congress heretore to provide against the
dangers which it was quite evident the
very nature of the difficulty must necessa-
rily produc uce, caused condition of financial
distress and apprehension since your ad-
iourument which taxed to the utmost all
the authority and expedients within Execu-
tive control; and these appear now to be
exhausted. If disaster results ON the
continued inactioD of Congress, the respon
sibillty must rest where it b. longs. Though
the situation, thus far considered, is
| fraught with danger which should be fully
realized, and though it presents features
wrong to the people as well as of peril to
the country, it is but result growing out
of perfectly palpable and apparent cause,
constantly repr duciDg the same alarming
ci, ci,cumssances--a congested national Treas
ury aud depleted monetary condition in
the business of the country. 1t need hard
ly be stated that while the present situa-
tion demands a remedy we can only be
saved from a like predicament i'll the fu-
ture by the removal of it's cause.
OUR SCHEME OF TAXATION
by means of which this needless surplus ia
taken from the people and put into the pub
lie Treasury, consists of a tariff or duty
Levied upon importation from abroad and
the internal revenue taxes levied upon the
consumption of tobacco and spirituous and
malt liquors.
i 1t must be conceded that none Of the
things subjected to internal revenue taxa
ton are, strictly speaking, necessaries.
There appears to be no just complaint Of
this taxation by the consumers of these ar
ricles, and there seems to be nothing SC
we'll able to bear the burden without hard
ship to any portion of the people. But oul
present tariff laws, the vicious, inequtable,
and illogical source of unnecessary taxation,
ought to be at once revised aid amended
These laws in their primary and plain eff
feet, raise the price to consumers of all ar
tcles imported and subject to duty by pre-
cisely the sum paid for such duties. Thus
the amount of the dnty measures the tax
paid by those who purchase for use these
imported articles. Many of these things,
however, are raised or manufactured in our
own country, and the duties now levied up
on foreign goods and products are called
/ protection to these home manufactures, be.
cause they render it possible for those of our
people who are manufacturers to make
these taxei articles and sell them for price
equal to that demanded for the importe
goods that have paid customs duty. So il
1
the imported articles, millions of our peo
pie, who never use and never saw any OF
the foreign products, purchase and use
things of the same kind made in this coun-
try and pay therefor nearly or quite the
same enlarged price which the duty adds
to the imported articles. Those who buy
| imports pay the duty charged thereon into
the public treasury, but the great majority
of our citizens who buy domestic articiesDf
the same class pay sum at least approx
mately equal to this duty to the home man-
ufacturer. This reference to
TIE OPERATION OF OUR TARIFF LAWS,
is not made by way of instruction. but in
order that we may be constantly reminded
of the manner in which they impose bar
den Epon those who consume dom estic pro-
ducts, as well as those who consume i'm
ported articles, and thus create tax upon
all our people. 1t is not proposed to entire
| ly re ieve the country of this taxation; it
must be extensively continued as The soui ce
of tt Q governments income, aud, Ill read
iustment of our tariff the init ferests of Ameri
can labor engaged in manufacture should be
carefully considered, as we'll as the preserva
tion of our manufactures. 1t may be called
protection or by any other name, but relief
| from the hardshipa aud dangers of our pres
ent tariff laws should be devised with es-
pecial precaution against impelilling the
existence of our manufacturing interests,
but this existence should not mean con-
dition which, without regard to the public
welfare or a natioual exigeDcy, must always
liasure the realization of immense profits in-
stead of moderately profitable returns. A.
the volume aud diversity of our natl NAL
activities increase new recruits are added 10
th, SO who desire a continuation of the ad-
va1tages which they Q 'nceive the present
syst em of tariff taxation directly affords
them. So stubbornly have all efforts to re-
form the present condition been resisted by
those thus engaged that they can hardly
complain of the suspicion entertained to q
certain extent that there exists an organic
ed combination all along the line to main.
tain their advantage.
We are in the lnidst of centennial celebra
tions. and with becoming pride We rejoiet
in American skill and ingenuity, IN Ameri
can energy and enterprise, and in the won
derful natural advantages aud resources de
valor.o1 ~ a nonts,rvsa r7o<to,,o1 svrovkl1 -